Chapter 2

12345678910111213141516171819202122232425
Across
  1. 2. economic system in which the allocation of scarce resources, other economic activity is the result of ritual, habit or custom
  2. 4. meeting place or arrangement through which buyers and sellers interact to determine price and quanity of an economic product; may be local, regional, national or global
  3. 6. worst period of economic decline in U.S history, lasting from approximately 1929 to 1939
  4. 8. production process requiring large amounts of capital in relation to labor
  5. 9. gross domestic product on a per person basis; can be expressed in current or constant dollars
  6. 13. comprehensive, centeralized economic plan used by the Soviet Union and China to coordinate development of agriculture and industry
  7. 14. economic system in which private citizens own and use the factors of production in order to generate profits
  8. 15. economic system characterized by a centeral authority that makes most of the major economic decisions
  9. 16. successor of European Coal and Steel community established in 1993 by the Maastricht Treaty
  10. 19. economic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society which everyone work for the common good
  11. 20. forced common ownership of factors of production; used in the former Soviet Union in agriculture and manufacturing
  12. 22. economic system in which supply, demand, and the price system help people allocate resources and make the What, How, For Whom to produce decisions; same as free enterprise economy
  13. 23. economic system in which government owns some factors of production and has a role in determining what and how goods are produced
  14. 24. shift of an economy, or part of an economy, from private ownership to government ownership
  15. 25. certificates that could be used to purchase government- owned property during privatization
Down
  1. 1. centeral planning authority in the former Soviet Union that devised and directed Five-Year plans
  2. 3. China's second Five Year Plan, began in 1958, which forced collectivization of agriculture and rapid industrialization
  3. 5. independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
  4. 7. independent Polish of labor union founded in 1980 by Lech Walesa
  5. 10. number of people per square mile of land area
  6. 11. conversion of state-owned factories and other property ownership
  7. 12. economic system that has some combination of traditional, command, and market economies; also see modified free enterprise economy
  8. 17. market in which goods and services are sold illegally
  9. 18. organized way a society provides for the wants and needs of its people
  10. 21. fundamental restructuring of the Soviet economy; policy introduced by Gorbachev